:'(If the "ordinary" folk have no spare cash to spend, businesses loose their customers and collapse; The recession will only grow.This bit is almost the worst part of this sad news...

"In addition to concentrating its production at the Kosta glassworks, New Wave Group will also start purchasing finished glass and crystal from other producers."We'll reduce our costs significantly by not having production. That will also allow us to better adjust to economic ups and downs," he told TT.The company expects the restructuring will return OKB to profit by the fourth quarter of 2012 and hopes the measures will ensure the survival of the Orrefors and Kosta Boda trademarks, as well as glass production in Sweden."

Regional Smålandsnytt reported on Wednesday that all production will now cease at the glass works in southwestern Sweden. Workers who have remained at the factory since owners New Wave Group announced its closure in October last year will get paid for this week, but it will be their last.